5 Best Cryptocurrency Exchanges & Apps in India (2024) (2024)

With the Indian government imposing a heavy 30% tax on virtual assets, alongside an additional 1% TDS, the local crypto scene has faced its fair share of turbulence.

But here’s the silver lining. The government is hinting at regulatory clarity and tax relief. That's why I've reviewed the best platforms to trade crypto in India.

But before we dive in,

Moving on,

Here are the best crypto trading platforms in India:

So, let's dive deeper into the world of cryptocurrency exchanges and apps, tailored specifically for the Indian investor.

But first things first,

What is a Cryptocurrency Exchange?

A cryptocurrency exchange is your digital marketplace for buying, selling, and trading cryptocurrencies.

They’re the bridges connecting the fiat world to the digital currency landscape, enabling enthusiasts and investors alike to dive into the crypto ecosystem.

Types of Cryptocurrency Exchanges in India

Now, let's unravel the mystery of the different types of exchanges you'll encounter in the Indian crypto market:

i. Centralized Exchanges (CEXs)

Think of these as the traditional stock exchanges but for cryptocurrencies.

They act as middlemen between buyers and sellers, offering high liquidity, faster transactions, and, often, additional services like wallet storage.

But remember, with great convenience comes greater scrutiny. CEXs are usually regulated and can be more vulnerable to hacks due to their centralized nature.

If you've ever used apps like Binance or Bybit, you've experienced CEXs firsthand.

ii. Decentralized Exchanges (DEXs)

Here's where the crypto purists nod in approval. DEXs operate without a central authority, offering a more private and secure trading environment.

They facilitate direct peer-to-peer transactions, powered by blockchain technology.

While they provide greater anonymity and security, they can be less user-friendly and offer lower liquidity compared to CEXs.

If you're all about that 'no middleman' life, DEXs might just be your new best friends.

iii. Hybrid Exchanges

And then, we have the best of both worlds. Hybrid exchanges aim to merge the liquidity and user-friendliness of CEXs with the security and anonymity of DEXs.

Although relatively new and less common, they're gaining traction as they seek to offer a balanced approach to crypto trading.

Imagine enjoying the speed and ease of a CEX while retaining the privacy of a DEX – that's the hybrid promise.

Best Cryptocurrency Exchanges & Apps in India

Below, we’ve meticulously picked and reviewed the top crypto trading platforms in India for 2024.

Each has its own flair, strengths, and unique offerings. Whether you're a beginner or a seasoned trader, there's something here for everyone.

1. Bybit – Overall Best Cryptocurrency Exchange in India

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Supported Cryptocurrencies: Over 547

Trading Fees: No fee for spot trading. For derivatives trading, 0.01% for makers and 0.06% for takers. Reduced fees for VIP members.

Deposit Methods: credit/debit cards, bank transfers, e-wallets, and crypto deposits.

Key Features:

• Security: Encryption, cold storage for digital assets, two-factor authentication (2FA), anti-phishing codes, and address whitelisting.
• Ease of Use: While the platform is generally user-friendly, especially the express buy feature, the derivatives trading aspect may be complex for beginners.
• Customer Support: Bybit provides 24/7 customer support. However, while they offer extensive online help resources, they do not provide phone support.
• Additional Features: Spot, margin, and futures market trading, trading bots, copy trading, crypto loans, up to 125x leverage, deep liquidity, staking, peer-to-peer (P2P) trading, an NFT marketplace, demo trading, and mobile app support for both Android and iOS platforms.

Sign-up and trade on Bybit HERE.

2. Kraken – Best Crypto Exchange App in India

Supported Cryptocurrencies: Over 230

Trading Fees: For market makers, fees start at 0.16% and decrease with higher trading volumes, going as low as 0.08%. For market takers, the fees start at 0.26% and can go down to 0.18%, again depending on the 30-day trading volume.

Deposit Methods: Visa and Mastercard debit/credit card, Digital wallet purchases, and ACH online banking.

Key Features:

• Security: Two-factor authentication, PGP/GPG encryption for email communication, a dedicated security team (Kraken Security Labs), Global Settings Lock, IP Address Whitelist, and cold storage.
• Ease of Use: Caters to both beginners, with easy ways to buy and sell cryptocurrencies, and advanced users, with options for margin trading up to 5x leverage and staking supported cryptocurrencies.
• Customer Support: 24/7 customer support via live chat, email, and phone. They also offer a comprehensive FAQ section for self-service support and a Kraken Support Center for more detailed inquiries.
• Mobile App: Available for both Android and iOS devices. There is also a Kraken Pro app that includes more advanced features for experienced traders.

3. OKX – Best Site for Crypto Trading with Low Fees

Supported Cryptocurrencies: Over 350

Trading Fees: The spot and futures trading maker fees start at 0.08%, with taker fees beginning at 0.1%.

Deposit Methods: Bank transfer & debit or credit card. Accommodates 93 fiat currencies and over 420 payment methods through third-party service providers like Banxa and Xanpool.

Key Features:

• Security: One of the most secure exchanges globally, with no history of cyberattacks or hacking incidents. It uses cold storage for the majority of its assets and offers features like two-factor authentication and anti-phishing codes.
• Ease of Use: Intuitive trading interface, designed to cater to users of all experience levels, from beginners to advanced traders.
• Customer Support: 24/7 customer support through live chat, email, and an online ticketing system. It also provides support in over 30 languages and has social media platforms for broader community engagement.
• Additional Features: crypto staking, a comprehensive NFT marketplace, and a secure and versatile OKX Wallet.

4. MEXC – Best p2p Crypto Exchange in India

Supported Cryptocurrencies: Over 2,050

Trading Fees: For spot trading, the fee is 0% for both makers and takers. For futures trading, the fee is 0.03% for takers and 0% for makers.

Deposit Methods: Free and instant crypto deposits using debit/credit cards and third-party payment systems like Mercuryo, Banxa, MoonPay, and Simplex via Visa, Mastercard, Apple Pay, Google Pay, Bankcard, and SEPA.

Key Features:

• Security: Cold storage wallets and KYC procedures, enhancing security and compliance.
• Ease of Use: User-friendly and offers mobile apps for iOS and Android, making trading accessible on the go. The registration process is straightforward, and the trading interface is designed to accommodate both novice and experienced traders.
• Customer Support: 24/7 customer support to address user queries and issues promptly.
• Additional Features: Spot, margin, and futures trading, along with unique offerings such as leveraged ETFs, index ETFs, copy and demo trading, and more. It also offers peer-to-peer (P2P) trading, the MEXC Launchpad for new cryptocurrencies, API trading for automation, advanced charting, OTC trading for large transactions, and opportunities for staking and earning through MX-DeFi.

5. Binance – Best crypto exchange app in India for Liquidity

Supported Cryptocurrencies: Over 350

Trading Fees: 0.1% for both maker and taker fees. Futures trading fees start from 0.02% for makers and 0.04% for takers.

Deposit Methods: Cash, crypto, or buy crypto with your credit card. Binance does not charge a fee for depositing crypto into the exchange.

Key Features:

• Security: Multi-factor authentication, SSL encryption, and cold storage for user funds to ensure asset safety.
• Ease of Use: User-friendly interface and integrates with TradingView for advanced charting capabilities. It also provides a 'Lite' mode in its mobile app for beginners.
• Customer Support: 24/7 live chat, and voice call support. However, users initially interact with a chatbot, and some have reported slow response times from the support team.
• Additional Features: Spot, margin, and futures markets, along with Binance Earn for interest on your crypto, and an NFT marketplace. The platform also features a Binance P2P service, allowing direct transactions between users.

Choosing the Best Crypto Exchange App in India

Before deciding which cryptocurrency exchange to use in India, consider the following factors based on information from various sources:

1. Do Your Own Research (DYOR)

Before jumping in, deep dive into each exchange's universe. Scour their websites, digest reviews, and sift through social media chatter.

Why? It's your financial journey on the line. This isn't just about choosing a platform; it's about arming yourself with knowledge, understanding the landscape, and crafting your investment strategy.

The goal? To navigate the crypto seas with confidence and a well-marked map.

2. Types of Exchanges

Here's where the path diverges. Are you a direct trader, a peer-to-peer aficionado, or a broker buddy?

Each exchange type caters to different trading spirits. Direct trading platforms offer a straightforward approach, P2P exchanges bring you face-to-face with other traders, and brokers act as the middleman.

Choose your path wisely, aligning it with your trading style and transaction preferences.

3. Authenticity, Legitimacy, and Security

This is the bedrock of your crypto journey. Is your chosen exchange a fortress or a cardboard box?

Verify its security credentials: cold storage facilities, two-factor authentication, SSL certificates. Are they insured against the unthinkable?

This isn’t just about protecting assets; it’s about peace of mind.

4. User Interface and Experience

First impressions matter, especially in the digital realm. A clunky, confusing interface? That’s a red flag.

Look for an exchange that speaks your language, visually and functionally. A seamless user experience can transform decision-making from a chore into a pleasure.

5. Insurance Funds

Check if your exchange is wearing a financial life jacket. Are they insured by entities like the FDIC, or do they have their own compensation schemes?

This isn’t just about checking boxes; it's about ensuring that, in the face of disaster, your assets aren't just digital dust.

6. Purchasing Method

Flexibility is king. Does the exchange align with your financial ecosystem?

Whether it’s bank transfers, credit cards, or alternative online payments, compatibility is key.

Your exchange should be an extension of your financial habits, not a square peg in a round hole.

7. Supported Tokens

Diversity isn't just a societal virtue; it's a crypto strategy. Does the exchange support the cryptos you’re eyeing?

A broad selection means more opportunities and flexibility. Think of it as your financial garden; variety isn’t just the spice of life—it’s the essence of a thriving portfolio.

8. Fees Structure

Last but not least, let's talk money. The fee structure can be a deal-breaker or a deal-maker.

Transaction fees, deposit charges, withdrawal penalties—every penny counts. Opt for an exchange that balances service quality with cost efficiency.

Because in the end, it’s not just about the money you make; it’s about the money you keep.

Best Time for Crypto Trading in India

One of the game-changing aspects of cryptocurrency is its non-stop schedule.

Unlike traditional markets like the New York Stock Exchange, which runs from 9:30 AM to 4 PM EST, or the National Stock Exchange of India, operating from 9:15 AM to 3:30 PM IST, the crypto world never sleeps.

This 24/7 nature offers unique advantages but also poses a question: when is the optimal crypto trading time in India?

Here's the scoop: the best times for trading often coincide with the overlap of global market sessions.

Why does this matter? These overlaps translate to higher liquidity and volatility, essentially opening windows of golden opportunities for traders.

For those navigating the Indian market, timing is crucial:

• The Asian session runs from 4:30 AM to 12:30 PM IST, greeting early risers with the first wave of trading activities.
• The European session follows, stretching from 12:30 PM to 8:30 PM IST, where the pace picks up as more players join the game.
• Then comes the North American session, from 5:30 PM to 12:30 AM IST, wrapping up the day with significant trading volumes.

The crown jewel for Indian traders? The overlap between European and North American sessions, around 5:30 PM to 8:30 PM IST.

This period is the prime time for action, marked by heightened trading volumes and opportunities.

Remember, while these hours might offer heightened activity, the 24/7 nature of crypto means opportunities are always around the corner.

But understanding these global overlaps can give you a strategic edge in the ever-vibrant crypto market.

So, next time you plan your trades, keep these timings in mind to maximize your chances.

Conclusion

Choosing the best cryptocurrency exchanges and apps in India can seem like navigating a labyrinth.

But with the insights shared, you're now equipped to make informed choices, whether you're a novice or a seasoned trader.

Remember, the right platform is more than just a tool; it's your partner in the dynamic world of crypto.

As the landscape evolves, stay curious, stay informed, and most importantly, stay secure.

Your crypto journey is unique, and with the right exchange or app, the possibilities are limitless.

Dive in, explore with confidence, and let your crypto adventure begin.

Crypto Exchange Platform in India FAQs

Best crypto options trading platform India?

Bybit stands out for its robust options trading features tailored for Indian traders.

What is the best cryptocurrency trading time in India?

The optimal trading time in India is between 5:30 PM to 8:30 PM IST, during the European and North American market overlap.

Who is the best broker for crypto trading in India?

Binance is renowned as the top broker for crypto trading due to its extensive features and global liquidity.

Crypto exchange without KYC India?

While most require KYC, platforms like Changelly offer limited services without KYC in India.

Legal crypto exchange in India?

CoinDCX is recognized as a fully compliant and legal crypto exchange operating in India.

Largest crypto exchange in India?

Binance boasts the largest user base and trading volume among crypto exchanges in India.

Which is the top crypto trading platform in India?

Bybit is often hailed as the top crypto trading platform for its comprehensive services and user-friendly experience in India.